FTSE 100 preview: Muted start ahead as Greece stays in focus

on Jul 17, 2015
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The UK benchmark index is expected to open marginally lower this morning, giving up some of yesterday’s gains. The FTSE 100 advanced in the previous session after Greek MPs voted in favour of an austerity bill which could unlock bailout aid for the cash-strapped country.

CNBC reports that the Footsie is seen opening 12 points lower at 6,784. With no major macroeconomic and corporate releases due out this morning, Greece is likely to remain in focus. Yesterday, the ECB said that it would increase its emergency funding for Greek banks. In other news, Reuters last night quoted Bank of England Governor Mark Carney as saying that the decision to raise interest rates from record lows would come into sharper focus around the end of this year.
US stocks were in demand in yesterday’s session with investors focusing on corporate releases.
“Earnings are continuing to play a bigger role,” Omar Aguilar, chief investment officer of equities at Charles Schwab Investment Management, told CNBC. “Financials (had) pretty positive results.” Yesterday also marked the second day of Fed Chair Janet Yellen’s testimony to the US Congress where she reiterated recent comments that interest rates were likely to rise this year. Asian stocks were mostly higher this morning, taking cues from the US.
The Footsie added 42.70 points to close 0.63 percent higher at 6,796.45 yesterday, buoyed by the outcome of the Greek vote. Dixons Carphone (LON:DC) was among the most notable risers after posting a 21-percent increase in pre-tax profit. Dixons Carphone’s share price added 1.45 percent to close at 468.20p.
There are no major macroeconomic announcements out of Europe this morning. The US June consumer price index, housing starts and building permits are scheduled for 13:30 BST. No FTSE 100 companies are expected to release reports today.

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